I was in a room with about one hundred people listening to the author of “The Million Maker,” Loral Langemeier discuss making a cash machine. A cash machine is a business that you are going to create in order to become financially free. It relies on generating income through passive methods. The point is to have money coming in automatically month after month, even if you are no longer actively working on them.
At one point she hot-seated a few people who were already in business. I figure, I freelance, so okay. I told her what I did, and how much that was generating, and she literally fell in her chair. Apparently I had fallen victim to undervaluing my work as so many others that work from home do. I had enough sense not to write 1000 word articles for $.50 cents, but it was still low.
The advice that Loral Langemeier gave has helped me raise my income, with less work.
- Take free off the table. You are providing a solution to a problem, and that should be paid for. The exception is sites or works that have an actual audience. For example, CNN. New sites with no audience need you, not the other way around.
- Target buyers. It a company is too broke to pay for an article that they want to generate income, they are not worth your time. Aside from the fact that they will not generally bring in real buyers of the products or services you generate.
- Keep your rights. Online agencies do not need exclusive rights, especially if they are not in print. By selling rights, you can keep generating income from that one article from service outlets.
- Price it right. People think they get what they pay for; therefore, by pricing it correctly you will be seen more as an expert than a typical work at home person doing anything to make extra cash.
- Market yourself as an expert. This means that you are going to have to break down and find a niche market. For example, business, but then what types (women, minority).
By following the advice of Loral Langemeier, I have been able to generate more income in various outlets. I now have a mixture of print and web exposure. Further, it helped me focus on what I wanted to write about and who would want that information. Also, realizing that my time has value, and writing articles for organization that were not going to help generate the income that I wanted to have was not in my best interest, has led me to be much more selective in who I write for.